Pre-Open Movers 6/26: Photon Dynamics (PHTN) Higher on Buyout; Citi (C) Sinks On Goldman's Sell Call

June 26, 2008 9:30 AM EDT

StreetInsider.com Pre-Open Movers:

Photon Dynamics, Inc. (NASDAQ: PHTN) 30% HIGHER; Orbotech Ltd. (NASDAQ: ORBK) to acquire Photon Dynamics for $15.60 per share.

Oshkosh Corporation (NYSE: OSK) 15% LOWER; expects a loss of approximately $1.22 to $1.32 per share for its third quarter of fiscal 2008 compared to the Company's prior EPS estimate range of $1.40 to $1.50. The expected loss relates to a non-cash charge for the impairment of goodwill to be recorded in connection with the Company's European refuse collection vehicle manufacturer, the Geesink Norba Group (Geesink). The impact of the impairment charge on third fiscal quarter earnings is estimated to be approximately $175 million, or $2.32 per share.

Dot Hill Systems Corp. (Nasdaq: HILL) 15% LOWER; sees Q2 revs in the range of $66-$70 million, versus the consensus of $68.23 million. Also sees a Q2 loss of $0.12-$0.16, an increase from its previous guidance for a loss of $0.07-$0.10, versus the Street estimate of ($0.11).

Worthington (NYSE: WOR) 10% HIGHER; reports Q4 earnings of $0.72 per share, ex-items, above the consensus of $0.44. Revenues came in at $868.9 million, versus the consensus of $850.2 million.

Research In Motion Limited (Nasdaq: RIMM) 8.6% LOWER; reports Q1 EPS of $0.84, 1 cent lower than the analyst estimate of $0.85. Revenues for the quarter were $2.24 billion, versus the consensus of $2.27 billion. Sees Q2 EPS of $0.84-$0.89, versus the consensus of $0.90. Q2 revs are expected to be $2.55-$2.65 billion, versus $2.44 billion.

Herman Miller (Nasdaq: MLHR) 8.5% HIGHER; reports Q4 EPS of $0.71, 14 cents better than the analyst estimate of $0.57. Revenues for the quarter were $519.1 million, versus the consensus of $488.39 million. Sees Q1 EPS of $0.49-$0.56, versus the consensus of $0.55. Q1 revs are expected to be $470-$495 million, versus $491 million.

Esmark Incorporated (NASDAQ: ESMK) 6.5% LOWER; entered into a definitive merger agreement to be acquired by OAO SeverStal for $19.25 per share. This represents an overall transaction including debt valued at approximately $1.25 billion. ESMK closed at $20.47 today.

General Motors (NYSE GM) 5.5% LOWER; Goldman downgrades to Sell

Xyratex Ltd (Nasdaq: XRTX) 5% LOWER; reports Q2 EPS of $0.15, ex-items 4 cents better than the analyst estimate of $0.11. Revenues for the quarter were $266.5 million, versus the consensus of $242.13 million. Sees Q3 EPS of $0.35-$0.47, versus the consensus of $0.52. Q3 revs are expected to be $276-$296 million, versus the consensus of $303.6 million.

ConAgra Foods, Inc., (NYSE: CAG) 5% LOWER; reports Q4 GAAP EPS of $0.41, which includes charges/benefits per share from items impacting comparability, versus the analyst estimate of $0.34. Revenues for the quarter were $3.078 billion, versus the consensus of $3.35 billion. Sees FY09 adj-EPS in the range of $1.56-$1.59, versus the consensus of $1.60. Q1 EPS are expected to be $0.26-$0.28, versus the Street estimate of $0.33.

Citigroup Inc. (NYSE: C) 4.7% LOWER; Goldman ads to Sell List

Nike (NYSE: NKE) 4.6% LOWER; reports Q4 EPS of $0.98, 2 cents better than the analyst estimate of $0.96. Revenues for the quarter were $5.1 billion, versus the consensus of $4.95 billion.

Oracle (Nasdaq: ORCL) 3.5% LOWER; reports Q4 EPS of $0.47, 3 cents better than the analyst estimate of $0.44. Revenues for the quarter were $7.28 billion, versus the consensus of $6.86 billion. Oracle sees Q1 EPS of $0.26-$0.27, versus the consensus of $0.27. Sees Q1 non-GAAP sales up 18%-20%.

Energen Corporation (NYSE: EGN) 3.2% HIGHER; is raising the underlying commodity price assumptions applicable to the unhedged production of its oil and gas exploration and production unit for the remainder of 2008 and for 2009. Accordingly, the energy company also is increasing its earnings guidance range for 2008 by 15 cents per diluted share and by 50 cents per diluted share in 2009.

Goldman Sachs (NYSE: GS) 2% LOWER; Wachovia downgrades to Market Perform

Monsanto Co. (NYSE: MON) 1.5% HIGHER; Goldman Adds to Buy List

Cornell Companies, Inc. (NYSE: CRN) INDICATED HIGHER; is raising earnings guidance for the second quarter 2008 to $0.29 to $0.34 per diluted share from the previously announced guidance of $0.27 to $0.31 per diluted share. The consensus is $0.31. The Company noted that the increase was driven by generally stronger operating results across its business units. As a result of the increase for the second quarter, the Company also increased full year earnings guidance to $1.26 to $1.33 per diluted share, compared to the previously announced guidance of $1.24 to $1.30 per diluted share. The consensus is $1.27.

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